Mustang Bio, Inc. (MBIO): Business Model Canvas [Dec-2025 Updated]

You're looking at Mustang Bio, Inc. right now, and honestly, the business model is pure, high-stakes biotech development-it's all about getting those lead CAR-T candidates, like MB-106 and MB-101, through the clinic. As of late 2025, the core value proposition is offering potential curative therapies for tough cancers, but the cost structure reflects that burn, with significant R&D expenses driving a net loss of $1.38 million for the nine months ended September 30, 2025. To keep the lights on while chasing those milestones, capital preservation is key; they recently pulled in $8 million in gross proceeds from an equity offering in February 2025, leaving them with $19.0 million in cash and equivalents at the end of Q3. Dive into the canvas below to see exactly how their key partnerships and limited revenue streams support this capital-intensive journey.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Mustang Bio, Inc. (MBIO) moving its pipeline forward, especially after significant operational shifts like the divestiture of its manufacturing site. These partnerships are crucial for resource allocation and clinical advancement, so let's break down the key players and the associated financial or statistical data as of late 2025.

Academic Institutions for Research and Clinical Trials

Mustang Bio, Inc. relies heavily on its foundational academic partnerships to fuel its translational science and clinical development for its CAR T-cell and gene therapy candidates.

• City of Hope (COH): Developed the MB-101 component used in the MB-109 combination therapy for glioblastoma.
• Mayo Clinic: Partnered for the development of Mustang Bio, Inc.'s in vivo CAR T platform technology.
• Nationwide Children's Hospital: Developed the MB-108 HSV-1 oncolytic virus, which combines with MB-101 to form MB-109.

Fred Hutchinson Cancer Center for MB-106 CAR T-cell Therapy Development

The development of MB-106, the CD20-targeted autologous CAR T-cell therapy, is a central collaboration with Fred Hutchinson Cancer Center (Fred Hutch). Data from the single-institution Phase 1/2 trial in Waldenstrom macroglobulinemia (WM) provides concrete efficacy metrics.

In the WM cohort of 10 patients, who were heavily pretreated and refractory to Bruton's tyrosine kinase inhibitors (BTKi), the therapy achieved an overall response rate of 90%. This included 3 complete responses (CRs), with one patient maintaining that remission for 31 months as of mid-2024 data reporting. Fred Hutch and its scientists may benefit financially from this work in the future.

uBriGene (Boston) Biosciences for Strategic Manufacturing Services

Mustang Bio, Inc. strategically partnered with uBriGene (Boston) Biosciences Inc. by selling its manufacturing facility, which was a 27,000 square foot, cGMP-compliant site. This move was designed to optimize resources and extend cash runway. The transaction terms involved significant financial components and a continuing service agreement.

Here's a look at the financial and operational structure of this key manufacturing partnership:

Component	Value/Metric	Context
Total Facility Acquisition Consideration	$11 million	Total consideration paid by uBriGene for the facility assets.
Upfront Payment	$6 million	Cash received by Mustang Bio, Inc. at closing (July 2023).
Contingent Payment	$5 million	Payable upon Mustang Bio, Inc. raising $10 million in gross equity proceeds.
MB-106 Manufacturing Compensation	Mustang's operating costs	Compensation to Mustang Bio, Inc. for continuing to manufacture MB-106 under a services agreement.
Expected Annual Expense Reduction	At least $28 million	Anticipated reduction in annualized operating and interest expense for Mustang Bio, Inc. post-transaction.
Asset Divestment to AbbVie (Feb 2025)	$1.0 million	Concurrent divestment of fixed assets (furniture/equipment) after lease exit.
Lease Exit Cash Expense Savings	Approx. $2.0 million	Expected savings over the next 24 months due to lease termination.

The company also announced closing an $8 million public offering in gross proceeds in February 2025, with net proceeds of $6.8 million reported by Fortress Biotech, Inc. for the same period, which helps meet the contingency for the uBriGene payment.

Nationwide Children's Hospital for MB-109 Development

Nationwide Children's Hospital is a partner in the development of MB-109, the combination therapy leveraging the MB-108 oncolytic virus. The Investigational New Drug (IND) application for MB-109 was accepted by the FDA, with a novel Phase 1 clinical trial planned to support enrollment in the second half of 2025.

Fortress Biotech, Inc. (FBIO) as the Founding Entity and Controlling Shareholder

Fortress Biotech, Inc. (FBIO) founded Mustang Bio, Inc. (MBIO) and maintains a significant financial interest and governance role. Fortress Biotech, Inc. reports its holdings and cash allocation related to its partner companies quarterly.

• Fortress beneficially owned 12.4 percent of Mustang Bio, Inc.'s common stock as of the December 31, 2024, Schedule 13D filing.
• Fortress's consolidated cash and cash equivalents as of March 31, 2025, included $14.2 million attributable to Mustang Bio, Inc.
• Fortress Biotech, Inc. receives an equity fee equal to 2.5 percent of the gross amount of any equity or debt financing raised by Mustang Bio, Inc.

This relationship is critical, as Mustang Bio, Inc.'s ability to further develop MB-106 was contingent upon raising significant additional funding and/or consummating a strategic partnership.

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Key Activities

You're hiring before product-market fit, so the key activities are all about de-risking the science and keeping the lights on. For Mustang Bio, Inc., this means a heavy focus on clinical execution and the financing needed to fund it. Here's the quick math on what they're actively doing to move their pipeline forward as of late 2025.

Conducting Phase 1/2 clinical trials for lead candidates like MB-106 and MB-101

The core activity is running the trials that generate the data needed for future value inflection points. For MB-106, the focus has been on durable responses in difficult-to-treat patient populations. For MB-101, the activity centers on advancing its development for malignant glioma.

Key trial data points include:

• MB-106 in Waldenstrom macroglobulinemia (WM) showed an overall response rate of 90% in a cohort of heavily pretreated patients.
• Of those responding to MB-106, 3 patients achieved complete responses.
• One patient treated with MB-106 has remained in complete remission for 31 months (based on data presented in June 2024).
• The company announced the completion of its Phase 1b/2 clinical trial for MB-106 in Acute Myeloid Leukemia (AML) on August 27, 2025.

The ongoing clinical efforts are mapped out across their therapeutic candidates:

Candidate	Indication Focus	Status/Activity Highlight
MB-106 (CD20 CAR T-cell therapy)	Relapsed/Refractory B-cell NHL and CLL	Phase 1/2 multicenter trial ongoing; WM cohort data showed 90% response rate.
MB-101 (IL13R$\alpha$2-specific CAR-T cells)	Recurrent Diffuse/Anaplastic Astrocytoma and Glioblastoma (GBM)	Multiple recruiting trials listed, including Study ID #: NCT04661384.
MB-108 (Oncolytic Virus)	Recurrent GBM (C134-HSV-1)	Recruiting trial listed with Study ID #: NCT03657576.

Research and development (R&D) of novel cell and gene therapies

This activity is directly reflected in the operating expenses reported in their financial filings. You have to spend to generate the next data package, so tracking R&D spend versus cash on hand is critical. What this estimate hides is the capital intensity of cell therapy manufacturing.

Financial metrics related to R&D for the first half of 2025:

Period Ended June 30, 2025	Amount (in thousands)
Research and development expenses (Three Months)	$4,360
Research and development expenses (Six Months)	$8,164
Total Operating Expenses (Six Months)	$13,771

Managing regulatory filings, including Orphan Drug Designation for MB-101

Securing regulatory advantages is a key activity that can significantly alter the commercial path and perceived risk. The Orphan Drug Designation (ODD) for MB-101 is a prime example of this strategic work.

Regulatory milestones achieved or pursued:

• MB-101 received U.S. Food and Drug Administration (FDA) Orphan Drug Designation for recurrent diffuse and anaplastic astrocytoma and glioblastoma.
• The company had anticipated requesting Regenerative Medicine Advanced Therapy (RMAT) designation for indolent lymphoma (including WM) in the first half of 2024.
• ODD provides benefits like grant funding towards clinical trial costs, tax advantages, user-fee waivers, and seven years of market exclusivity upon first FDA approval for the indication.

Securing non-dilutive funding and strategic financing (e.g., public offerings)

Mustang Bio, Inc. must consistently execute financing activities to fund its cash burn, which was substantial through mid-2025. The February 2025 public offering was a direct action to bolster working capital.

Financing activity highlights:

• Announced the pricing of a public offering on February 6, 2025, for an aggregate of 2,657,807 shares of common stock and accompanying warrants.
• The combined public offering price was $3.01 per share (or equivalent).
• Gross proceeds from the February 2025 offering were expected to be approximately $8 million.
• The company reported a change in cash of about $7.39M in a report covering a period ending in July 2025.

A snapshot of the balance sheet as of June 30, 2025 (amounts in thousands):

Balance Sheet Item	Amount (in thousands)
Total Assets	$13,046
Total Liabilities	$10,154
Total Stockholders' Equity (Deficit)	$(3,873)

Licensing in and out of promising cell and gene therapy technologies

The company's stated aim includes acquiring rights to technologies via licensing or ownership interest, and then either out-licensing them or bringing them to market. This shows an active management of their intellectual property portfolio.

Examples of past technology transactions include:

• Mustang Bio aims to acquire rights to technologies by licensing or otherwise acquiring an ownership interest.
• Mustang aims to outlicense or bring the technologies to market after acquisition.
• The company recorded a gain of $1.5 million on the sale of property and equipment related to an asset sale to uBriGene (reported for the year ended December 31, 2023).

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Key Resources

The Key Resources for Mustang Bio, Inc. (MBIO) center on its specialized intellectual property, financial foundation, and human capital necessary to advance its cell and gene therapy pipeline.

Proprietary Chimeric Antigen Receptor T-cell (CAR-T) technology platform

• Platform development includes a collaboration with Mayo Clinic for a 2-step approach potentially yielding an off-the-shelf product.
• Lead CAR-T candidate, MB-106, is a CD20-targeted, 3rd-generation autologous CAR T-cell therapy developed with Fred Hutchinson Cancer Center (Fred Hutch).
• The platform is being leveraged to explore expansion into autoimmune diseases.

Intellectual property (IP) and licensing agreements for product candidates

Mustang Bio, Inc. secures its pipeline through licensing and collaborations with top medical institutions. The company has partnerships with:

• Fred Hutchinson Cancer Center (Fred Hutch) for MB-106.
• City of Hope National Medical Center and Fred Hutchinson Cancer Research Center for proprietary CAR T therapies.
• Nationwide Children's Hospital for the MB-108 product candidate.

Cash and equivalents of $19.0 million as of September 30, 2025

The financial runway is supported by recent capital raising efforts, though the company continues to incur operating losses. The balance sheet as of the end of the third quarter of 2025 provides the following snapshot:

Financial Metric	Amount as of September 30, 2025
Cash and Cash Equivalents	$19.0 million (or $18.98 million)
Accumulated Deficit	$398.1 million
Total Assets	$19.4 million
Total Liabilities	$9.6 million
Total Shareholder Equity	$9.8 million
Debt to Equity Ratio	0%

The company noted substantial doubt regarding its ability to continue as a going concern for one year after the issuance of its financial statements for the year ended September 30, 2025, emphasizing the need for additional financing.

Experienced management team in cell therapy development and regulatory affairs

The leadership at Mustang Bio, Inc. is a resource built on deep industry tenure. The management team includes veterans with specific expertise in:

• Cell therapy development.
• Regulatory affairs.
• Biomanufacturing.

The President and Chief Executive Officer, Manuel Litchman, M.D., is cited in recent announcements regarding clinical strategy.

Clinical data from ongoing trials (e.g., MB-106 showing durable responses)

Clinical results from the ongoing Phase 1/2 trial of MB-106 in Waldenstrom macroglobulinemia (WM) demonstrate significant activity, particularly in a heavily pretreated population:

Clinical Endpoint (MB-106 in WM)	Result
Overall Response Rate (ORR)	90% (9/10 patients)
Complete Response (CR) Rate	3 patients
Longest CR Duration Observed	31 months
Patients Refractory to BTK Inhibitors	100% of the cohort
Grade 3 or 4 Cytokine Release Syndrome (CRS)	0 patients

Older data from a modified manufacturing process for B-NHL and CLL showed an ORR of 93% and a CR rate of 67% in 15 patients treated.

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Value Propositions

Mustang Bio, Inc. is focused on translating medical breakthroughs in cell therapies into potential cures for difficult-to-treat cancers and rare genetic diseases. This is the core of their value proposition, centered on developing first-in-class therapies.

The company's pipeline is heavily weighted toward its CAR T-cell candidates, which represent a significant value driver by targeting high unmet medical needs in oncology.

• Potential curative therapies for difficult-to-treat cancers and rare genetic diseases.
• Advancing first-in-class therapies from the laboratory to patients in need.
• Leveraging proprietary vector designs for gene therapy candidates for inherited metabolic disorders.

The value proposition is strongly supported by regulatory milestones and clinical efficacy data, particularly for their lead oncology assets.

MB-101 (CAR T-cell) targeting glioblastoma, a high unmet medical need

MB-101, an IL13Ra2-targeted CAR T-cell therapy, addresses recurrent diffuse and anaplastic astrocytoma and glioblastoma (GBM). The clinical data provides concrete evidence of potential efficacy in this challenging area.

Here's a look at the key clinical metrics reported for MB-101:

Metric	Data Point	Context/Trial Detail
Best Response (Stable Disease or Better)	50%	Of patients in an ongoing Phase 1 trial published in Nature Medicine.
Complete Responses (CR) Duration	7.5 months and 66+ months	Observed in two patients with "hot tumors" treated solely with MB-101.
Median Overall Survival (OS)	8 months	Observed in all evaluable patients from the Phase 1 trial (NCT02208362).
Total Evaluable Patients (Phase 1)	58	Patients with recurrent and refractory malignant glioma.

The development strategy for MB-101 includes a novel combination, MB-109, which pairs it with the MB-108 oncolytic virus to reshape the tumor microenvironment.

MB-106 (CAR T-cell) for B-cell malignancies like Waldenstrom macroglobulinemia

MB-106 is a CD20-targeted autologous CAR T-cell therapy showing high efficacy in B-cell malignancies, including Waldenstrom macroglobulinemia (WM), a rare blood cancer. This therapy is being developed in collaboration with the Fred Hutchinson Cancer Center.

The early clinical results for MB-106 in WM patients are compelling:

• Overall Response Rate (ORR) in a cohort of 20 evaluable WM patients: 95%.
• Complete Response (CR) rate in that cohort: 80%.
• Long-term remission: One patient remained in CR for 31 months.
• Earlier data on 10 evaluable patients showed a 90% ORR.

Orphan Drug Designation for MB-101, offering potential market exclusivity

The U.S. Food and Drug Administration granted Orphan Drug Designation (ODD) to MB-101 in July 2025 for treating recurrent diffuse and anaplastic astrocytoma and GBM. This designation is a key non-financial value driver, signaling regulatory confidence and providing tangible incentives.

The ODD provides several benefits:

• Tax credits toward clinical trial costs upon approval.
• Waiver of prescription drug user fees for marketing applications.
• Entitlement to seven years of U.S. market exclusivity for the designated disease, separate from patent life.

Mustang Bio, Inc. also previously secured ODD for MB-108, further validating the science behind the MB-109 combination strategy.

Advancing first-in-class therapies from lab to patient

The company's operational and financial structure supports the advancement of these novel therapies. As of March 31, 2025, Mustang Bio, Inc. held $14.2 million in cash and cash equivalents. Research and Development Expenses for the first quarter ended March 31, 2025, were $1.0 million, reflecting cost-saving measures like the termination of the Worcester facility lease and an equipment sale for $1 million.

The company has an accumulated deficit of $396.9 million as of March 31, 2025, underscoring the capital-intensive nature of cell therapy development. A 1-for-50 reverse stock split was executed on January 15, 2025, to maintain Nasdaq compliance. For the most recent reported period, the net loss per common share (diluted) was $(0.07).

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Customer Relationships

You're looking at how Mustang Bio, Inc. (MBIO) manages its critical external relationships, which is key for a clinical-stage biotech company dependent on external validation and capital. These aren't typical B2B sales; they are deep, scientific, and financial partnerships.

High-touch, collaborative relationships with academic and clinical investigators

Mustang Bio, Inc. operates by licensing technology and then relying heavily on the institutions that developed it to advance clinical work. This requires a very hands-on, high-touch approach to maintain scientific alignment and data flow. The company licenses key assets from top-tier academic centers, which become crucial early-stage 'customers' of the data and validation process.

For instance, the MB-101 CAR T-cell therapy is licensed from City of Hope, and MB-108 is licensed from Nationwide Children's Hospital. The ongoing Phase 1 clinical trials for MB-101 and MB-108 continue to enroll patients at City of Hope and The University of Alabama at Birmingham, respectively, as of July 2025. This collaboration is yielding concrete, high-value data points that define the relationship's success.

• MB-101 Phase 1 trial showed 50% of patients achieving stable disease or better.
• Two complete responses in the MB-101 cohort lasted 7.5 months and 66+ months.
• These complete responses occurred in a subset of three patients with pre-existing "hot" tumors.
• The company expects to rely on these academic partners and future contract manufacturing relationships to support cell processing for clinical trials.

Direct engagement with regulatory bodies (FDA) for drug designations and approvals

Engagement with the U.S. Food and Drug Administration (FDA) is a primary, non-negotiable relationship for Mustang Bio, Inc., as regulatory milestones directly impact valuation and future market access. The FDA's decisions act as critical third-party validation of the science.

A major recent event was the FDA granting Orphan Drug Designation (ODD) to MB-101 on July 7, 2025, for recurrent diffuse and anaplastic astrocytoma and glioblastoma. This designation, which applies to therapies for rare diseases affecting fewer than 200,000 people in the U.S., provides significant incentives. MB-108 for malignant glioma had previously received ODD, and the combined approach is designated MB-109.

The ODD for MB-101 provides:

• Tax credits toward the cost of clinical trials upon approval.
• Prescription drug user fee waivers.
• Seven years of market exclusivity for the designated disease upon approval.

Investor relations and communication for capital markets

For a clinical-stage company with zero revenues, the relationship with the capital markets-investors, analysts, and the SEC-is the lifeline. Communication must be precise, especially given the company's financial position. Mustang Bio, Inc. must constantly manage expectations around its cash runway and financing needs.

Here's a snapshot of the financial context driving investor relations as of late 2025:

Financial Metric	Value/Period	Date/Context
Current Market Cap	$14.62 million	As of July 9, 2025
Net Cash Used in Operating Activities	$3.5 million	Nine months ended September 30, 2025
Net Cash Used in Operating Activities (Prior Year)	$9.4 million	Nine months ended September 30, 2024
Financing Proceeds Received	$14.5 million	Nine months ended September 30, 2025
Proceeds from Warrant Exercises (July 2025)	Approximately $7.1 million	From February 2025 Equity Offering investors
Shares Issued from Warrant Exercises	Approximately 2.9 million shares	July 2025
Market Value of Common Stock (Non-affiliates)	$14.8 million	As of June 30, 2025

The company explicitly notes that substantial doubt exists about the ability to continue as a going concern for the next 12 months without additional capital. This reality dictates the tone and frequency of investor communications, focusing on securing further equity offerings, partnerships, or licensing arrangements.

Future relationships with specialized treatment centers and oncologists

The relationships with specialized treatment centers and oncologists are the ultimate customer segment for commercialization, but currently, they function more as key opinion leaders and future trial sites. The company's strategy hinges on advancing its pipeline, which is contingent on securing additional funding or establishing a strategic partnership, as noted in July 2025. This need for capital directly impacts the timeline for expanding relationships beyond the current academic trial sites.

Future relationship building will target centers experienced in administering CAR T-cell therapies and those treating the rare diseases targeted by MB-101 and MB-108. The success of the MB-109 combination therapy, which leverages MB-108 to reshape the tumor microenvironment, will be a key talking point to engage these specialized oncologists. The company's management team has expertise in cell therapy development, which helps build credibility with these highly specialized medical professionals.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Channels

You're looking at how Mustang Bio, Inc. (MBIO) gets its value proposition-cell therapies-out to the world, whether that's to patients via trials or to the market via investors. It's a mix of clinical execution and financial transparency, defintely.

Academic medical centers and clinical trial sites for product development

The primary channel for product development is through active clinical trials conducted at specialized medical institutions. Mustang Bio, Inc. (MBIO) has consistently partnered with top medical centers to advance its CAR-T therapies.

As of the latest data, Mustang Bio, Inc. (MBIO) has six trials involving its therapeutic candidates ongoing, which inherently means engagement with multiple clinical trial sites. While specific site counts for late 2025 aren't explicitly enumerated, the channel relies on these established relationships for patient recruitment and data generation.

The channel activity includes:

• Advancing MB-101 (IL13Ra2-specific CAR-T cells) for Malignant Glioma.
• Continuing the Phase I/II study for MB-106 (CD20 CAR) in B Cell Non-Hodgkin Lymphomas.
• Leveraging regulatory achievements, such as the Orphan Drug Designation granted to MB-101 on July 7, 2025, to potentially accelerate site engagement for that program.

Licensing agreements with other biopharma firms for out-licensing or co-development

Mustang Bio, Inc. (MBIO) uses licensing as a core mechanism to both acquire and divest assets, serving as a channel for both R&D funding and potential future revenue realization. The strategy involves acquiring rights, funding development, and then out-licensing or commercializing.

The company's outlook mentions the impact of the MB-106 license termination, suggesting this channel is actively managed, though specific financial details of new agreements are not public in the latest filings. The channel is crucial for capital preservation, as seen by the stated plan to seek further funding through partnerships or licensing arrangements.

Investor relations website and SEC filings for financial communication

Financial communication is channeled directly through the SEC filing system and the Investor Relations section of the Mustang Bio, Inc. (MBIO) website. This channel is critical for maintaining compliance and informing the investment community about capital structure and operational performance.

Here's a look at the key financial reporting channels through the third quarter of 2025:

Communication Type	Date Filed/Reported	Key Financial Data Point
Quarterly Report (10-Q)	November 7, 2025	Reported for Quarter Ended September 30, 2025
SEC Filing (SCHEDULE 13D/A)	October 1, 2025	Reported acquisition of beneficial ownership
Nine-Month Net Loss (9M Ended Sep 30, 2025)	November 7, 2025	$1.4 million loss
Cash on Hand (Sep 30, 2025)	November 7, 2025	$19.0 million in cash and cash equivalents
Financing Proceeds (YTD Sep 30, 2025)	November 7, 2025	$14.5 million from financing activities

The company also executed a public offering in February 2025, which brought in approximately $8 million in gross proceeds. Furthermore, in July 2025, warrant exercises generated approximately $7.1 million.

Scientific publications and conferences to disseminate clinical data

Dissemination of clinical data is a vital channel to validate the science and attract potential partners or future investment. Mustang Bio, Inc. (MBIO) uses scientific literature and investor conferences for this purpose.

Key events channeling scientific progress include:

• Announcing Orphan Drug Designation for MB-101 on July 7, 2025.
• Presenting data on MB-106 showing a 90% response rate in Waldenstrom macroglobulinemia patients, with some in complete remission for 31 months.
• Scheduling the Annual Meeting of Stockholders for December 22, 2025, which serves as a key internal and external communication forum.

The company's strategy notes that publications often lag behind discoveries, but the channel remains essential for establishing scientific credibility.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Customer Segments

You're looking at the core patient groups Mustang Bio, Inc. (MBIO) is targeting with its cell and gene therapies as of late 2025. This isn't about the general public; it's about very specific, high-unmet-need populations where their science is aimed.

The primary customer segments are defined by the indications their lead product candidates, MB-106 and MB-101/MB-109, are designed to treat. For the hematologic malignancies, the focus is on patients with relapsed or refractory B-cell disorders. For solid tumors, the immediate focus is on aggressive brain cancers.

Patients with relapsed/refractory B-cell non-Hodgkin lymphomas (NHL) and CLL

This segment is addressed primarily through the development of MB-106, a CD20-targeted CAR T-cell therapy. The company is also exploring development of MB-207 for patients with relapsed or refractory B-cell lymphomas. The Regenerative Medicine Advanced Therapy (RMAT) designation for MB-106 for treating relapsed/refractory CD20 positive Waldenstrom macroglobulinemia and follicular lymphoma signals a direct engagement with these specific patient subsets. As of March 2025, clinical progress included 53 patients treated in an ongoing Phase 1 trial sponsored by Fred Hutch and 20 patients treated in a Mustang-sponsored Phase 1 trial for this indication. Historically, the U.S. saw an estimated 74,680 new cases of B-cell Non-Hodgkin Lymphoma in 2018.

Patients with aggressive brain tumors, specifically glioblastoma multiforme (GBM)

Mustang Bio, Inc. targets patients with Glioblastoma Multiforme (GBM) using MB-101 (IL-13R$\alpha$2 targeted CAR-T) and the combination therapy MB-109 (MB-101 plus MB-108 oncolytic virus). The receptor IL-13R$\alpha$2 is noted to be abundantly expressed on over 75% of GBM patients. This is a population with extremely poor prognosis, with only a 5% 5-year survival rate, against approximately 30,000 newly diagnosed GBM cases annually worldwide. The company has received FDA acceptance for the Investigational New Drug (IND) application for MB-109 for relapsed or refractory GBM, with an investigator-sponsored trial planned at City of Hope in late 2025. Furthermore, MB-401, an EGFR-CAR T-cell therapy, is also aimed at GBM patients.

Here's a quick look at the scale of the GBM target population:

Metric	Value	Context/Source Year
Annual Newly Diagnosed GBMs (Worldwide)	30,000	Historical/Estimated
5-Year Survival Rate (GBM)	5%	Historical/Estimated
IL-13R$\alpha$2 Expression on GBM	Over 75%	Target Receptor Prevalence

Patients with rare genetic diseases, including inherited metabolic disorders

The company is also advancing a portfolio of lentiviral-based gene therapy candidates aimed at addressing inherited metabolic disorders, specifically mentioning lysosomal storage disorders. This segment represents patients with high unmet medical need where gene therapy offers a potential curative approach. While specific patient numbers for these rare diseases are not detailed in the latest filings, the business model explicitly includes this as a core area alongside oncology.

Strategic partners seeking to license or co-develop cell and gene therapies

Mustang Bio, Inc. operates by acquiring rights to technologies via licensing or ownership interest, funding R&D, and then out-licensing or commercializing. This makes academic and clinical institutions key stakeholders in the business model, acting as sources of innovation and often as collaborators in clinical trials. Key partners mentioned include Fred Hutchinson Cancer Center, City of Hope National Medical Center, and Nationwide Children's Hospital. A significant past action involved a strategic manufacturing partnership with uBriGene (Boston) Biosciences in 2023, which included the sale of Mustang Bio's manufacturing facility for up to $11 million. The company's continued operation relies on securing financing, evidenced by closing an approximately $8 million public offering in February 2025.

You should note that as of the August 2025 balance sheet data, the company reported Total Liabilities of $10,154 thousand and Total Stockholders' Equity (Deficit) of ($3,873) thousand, indicating the ongoing need for successful clinical progression to validate the value proposition for these customer segments and secure future funding.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Mustang Bio, Inc.'s operations as of late 2025, which is heavily shaped by strategic divestitures aimed at extending the cash runway. The primary cost drivers remain the necessary, high-stakes spending on advancing clinical programs, offset by significant structural cost reductions implemented following the 2023 restructuring.

Significant research and development (R&D) expenses for clinical trials are unavoidable for a clinical-stage company like Mustang Bio, Inc. While the company has streamlined its pipeline, the costs associated with its lead assets, such as the MB-106 multicenter program and the anticipated MB-109 trial in the second half of 2025, still represent a major outlay. For context on the scale of this spending before the major cost-cutting, full-year 2023 R&D expenses were $40.5 million. To be fair, the nine months ended September 30, 2025, included a $0.4 million credit to R&D expenses due to the termination of the Plantation Street Facility lease, which isn't a recurring saving.

Manufacturing costs have been fundamentally altered. The company largely outsourced its core manufacturing capabilities through the strategic partnership with uBriGene (Boston) Biosciences Inc. This transition involved the sale of Mustang Bio, Inc.'s Worcester manufacturing facility for a total consideration up to $11 million, which closed in 2023. Post-facility exit, Mustang Bio, Inc. expects to rely on its academic partners and future contract manufacturing relationships to support clinical trials. More recently, in February 2025, the company divested certain fixed assets from the former facility to AbbVie Bioresearch Center Inc. for $1.0 million.

General and administrative (G&A) expenses, including legal and compliance, are being managed tightly. Full-year 2023 G&A was $9.7 million. For the nine months ended September 30, 2025, G&A expenses included $0.4 million recorded related to shares issued to Fortress in connection with equity financings.

The most impactful cost control measure is the annualized operating and interest expense reduction of at least $28 million achieved post-2023 restructuring, which was largely driven by the uBriGene transaction and a prior debt termination. This reduction helps significantly in managing the burn rate while awaiting key data readouts.

The bottom line for the period reflects this cost discipline against ongoing operational needs. Mustang Bio, Inc. reported a net loss of $1.38 million for the nine months ended September 30, 2025. This is a dramatic improvement from the $14.8 million net loss reported for the same nine-month period in 2024.

Here's a quick look at the scale of costs and the resulting loss:

Cost/Financial Metric	Amount (USD)	Period/Context
Net Loss	$1.38 million	Nine Months Ended September 30, 2025
Annualized Expense Reduction	At least $28 million	Post-2023 Restructuring/uBriGene
R&D Expense (Full Year)	$40.5 million	Fiscal Year Ended December 31, 2023
G&A Expense (Full Year)	$9.7 million	Fiscal Year Ended December 31, 2023
Manufacturing Facility Sale Consideration	Up to $11 million	2023 Transaction with uBriGene
Fixed Asset Divestment	$1.0 million	February 2025 Sale to AbbVie

The cost structure is now lean, focusing capital almost entirely on clinical execution. You can see the impact of the outsourcing and restructuring clearly when comparing the 2023 operating expenses to the 2025 nine-month loss. The company's current strategy is definitely centered on minimizing fixed overhead.

• Significant R&D spending continues for clinical trials.
• Manufacturing costs are now primarily service fees to uBriGene.
• G&A is tightly controlled following 2023 reductions.
• $28 million in annualized savings anchor the reduced burn rate.
• Net loss for nine months ended September 30, 2025, was $1.38 million.

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Revenue Streams

You're looking at the cash inflows for Mustang Bio, Inc. (MBIO) as of late 2025. Since this is a clinical-stage biopharmaceutical company, the revenue picture is dominated by financing activities rather than product sales. Honestly, for a company at this stage, the focus is on extending the cash runway to hit those critical data inflection points.

The primary, most recent, concrete cash generation events come from capital markets and asset divestitures. You saw the company close a significant equity raise early in the year to bolster working capital.

Public Offerings and Equity Financing

Mustang Bio, Inc. closed a public offering in February 2025. This was a key move to fund operations while clinical trials progress. Here are the specifics on that inflow:

• Gross proceeds from the February 2025 public offering were approximately $8 million.
• The offering involved common stock and accompanying Series C-1 and Series C-2 warrants.
• The company stated its intention to use the net proceeds for working capital and general corporate purposes.

As of June 30, 2025, the balance sheet reflected the impact of these activities, showing cash and cash equivalents of $12.7 million.

Sale of Fixed Assets and Facility-Related Cash Inflows

Mustang Bio, Inc. has been optimizing its resource allocation by divesting non-core assets, which provides non-dilutive cash. You need to track these asset sales carefully as they are one-time events.

The most recent transaction involved the Worcester facility, though the structure is a bit layered:

Asset/Transaction Component	Counterparty	Confirmed/Potential Amount	Date Context
Divestment of certain fixed assets (furniture and equipment)	AbbVie Bioresearch Center Inc.	$1.0 million	February 2025
Upfront payment for Worcester facility sale (Original 2023 Agreement)	uBriGene Biosciences	$6 million	2023
Contingent payment for Worcester facility sale (Original 2023 Agreement)	uBriGene Biosciences	Additional $5 million	Contingent upon Mustang Bio raising $10 million in gross proceeds from equity raises.

The February 2025 event was the exit of the lease and divestment of fixed assets for $1.0 million to AbbVie, concurrent with a headquarters relocation. Furthermore, the lease exit is expected to result in savings of approximately $2.0 million of cash expenses over the next 24 months.

Clinical Stage Status and Product Revenue

It is crucial to note the current state of commercial revenue streams. Mustang Bio, Inc. is a clinical-stage company, meaning revenue from approved product sales is not a current stream.

• Current Revenue is reported as $0.0.
• The company does not expect to generate meaningful product revenues in the foreseeable future until marketing approval is obtained.

Future Potential: Milestones and Grants

While not realized revenue for the current period, the structure of the business model relies heavily on future non-operating income from partnerships.

Potential future inflows include:

• Milestone payments contingent upon achieving specific clinical or regulatory success under existing licensing and collaboration agreements.
• Government grants or non-dilutive funding that may be secured to help support ongoing clinical trials, such as those for MB-101 or MB-109.

Finance: review the Q4 2025 cash burn projection against the $12.7 million on hand as of Q3 close.